House prices increasing in Turkey

Friday, April 27, 2012

House prices increasing in Turkey

House prices rose throughout Turkey in March, with a 0.95% rise nationally, and the largest rise, 1.18%, reported in Istanbul.

According to the latest data from the REIDIN GYODER home price index, the price of existing homes rose increased 1.06% in Adana, 0.75% in Ankara, 0.49% in Antalya, 0.85% in Izmir and 0.33% in Kocaeli. New build properties rose by 1.28% compared with the previous month, and were 11.62% higher than they were in March 2011.

In terms of size, properties between 76 and 100 square meters in size saw the biggest increase, rising in price by 1.32%. However, perhaps as a result of the recession, even smaller properties reported an increase. Turkish property between 51 and 75 square meters in size increased in price by 1.03%.

The rise in prices follows a similar upsurge in prices between January and February of this year when property in Turkey saw an overall price rise of 0.78% nationally.

The research is also backed up by findings from Knight Knox who has revealed that the value of homes in the country climbed by 7.7 per cent between the final quarter of 2011 and the same period a year earlier.

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A Place In The Sun